fed provides $600 billion business loan infusion. part of $2.2 trillion. that's in "u.s.a. today." "wall street journal" puts it this way. fed's new loans are broadest ever. the federal reserve is going further than ever unveiling programs to lend directly to state, cities and midsized business that is have seen revenues evaporate amid efforts to combat the coronavirus outbreak. and the central bank would expand plans to backstop lending to large companies by supporting riskier bonds issued by corporations that have lost their investment grade status. the brookings institute. the fed chair spoke with folks there in a virtual type of event and here's what he had to say yesterday about the economy and where it might be headed. >> our emergency measures are reserved for truly rare circumstances such as those we face today. when the economies well on its way back to recovery and private markets and institutions are once again able to perform their vital functions of channeling credit, will but these emergency tools away. none of us has the luxury of choosing their challenges. fate and

fed provides $600 billion business loan infusion. part of $2.2 trillion. that's in "u.s.a. today."wall street journal" puts it this way. fed's new loans are broadest ever. the federal reserve is going further than ever unveiling programs to lend directly to state, cities and midsized business that is have seen revenues evaporate amid efforts to combat the coronavirus outbreak. and the central bank would expand plans to backstop lending to large companies by supporting riskier bonds issued by corporations that have lost their investment grade status. the brookings institute. the fed chair spoke with folks there in a virtual type of event and here's what he had to say yesterday about the economy and where it might be headed. >> our emergency measures are reserved for truly rare circumstances such as those we face today. when the economies well on its way back to recovery and private markets and institutions are once again able to perform their vital functions of channeling credit, will but these emergency tools away. none of us has the luxury of choosing their challenges. fate and hi

the small business administration is saying they're going to run out of money for these emergency loans to small businesses. democrats in the senate have been holding up an infusion of $250 billion into the program, they want more guarantees that the money will go to smaller businesses, not just bigger businesses. they also want more funding going to states and hospitals and the like. what do you make of this? if the sba is really going to run out of money today, it sounds pretty dire. what's your response? >> well, the response is that last tuesday, a week ago from yesterday, the secretary of the treasury called me, said i need a quarter trillion dollars in 48 hours for the ppp. we support the ppp, it was part of our putting together c.a.r.e.s. 1, we were successful. the house flipped it from a corporate triple down bill into a workers double up bill. we want it to work for everyone. what we were finding out, in just even the first hours of it, was that it was not working for the, shall we say, underbanked. so we said, just give us 10% of the money for those who may not have a sophisticated banking relationship, who are getting cut out of this, first come, first served, usually

businesses, hospitals and coronavirus testing . meanwhile the paycheck protection program is expected to reopen monday with $310 billion infusion plus money returned from some big companies that returned loans . >> some of the bigger businesses that had taken out loans should return the money . we appreciate that they have done that . there will be a surveillance around this if they don't . >> lawmakers are also looking ahead to another stimulus bill, house speaker nancy pelosi says this could include funding for state and local governments . >>> a deadly outbreak at peninsula assisted living facility, 10 residents have died , nearly 30 others have tested positive for the virus . we are there with the emotional reaction today from the owner . >> the owner was in tears, this is a frightening time for both of people who work and live here . even some neighbors are expressing concerns . there is a big difference between this location and other locations that i have covered . a lot of family members, patient family members are speaking in support of this facility here . >> reporter: he says his s liato ere fo he had another patient family members say the workers are constantly updating them abo

>>as small businesses race to apply for paycheck protection program loans, some lawmakers worry the new billion infusion won't last this my is not going to be not only those about percent of small businesses ohio, representative tim ryan thinks the country needs at least a trillion dollars just to keep small businesses afloat here underestimate the gravity of the economic challenges that we're going to have here the first billion approved in the cares act a month ago ran out in less than 2 weeks. indiana senator mike braun says it shows how badly help is needed the fact that we want to do it so quickly tell you how broad now the. >>they're the issues than smaller businesses and some experts like george washington university economics professor, stephen hamilton say it's likely congress will again find itself staring at a paycheck protection program run dry. >>there may still be a need for congress to to open up additional pots but he says small businesses should have easier access to loans. this time. the program's initial rollout was plagued by problems, including a lack of guidance for banks issuing t

loans, some lawmake worry the new billion infusion won't last. >>thismy is not going to be not only those about 5% of small businesses ohio, representative tim ryan thinks the country needs at least a trilliodollars just to keep small businesses afloat here unrestite the gravity of the economic challenges at we're going to have here the fst billion approved in the cares act a month agran ou in less than 2 weeks. indiana senator mike braun says it shows how badly help is needed the fact we want to do it so quickly tell you how. >>broughton now deep, they're the issues than smaller businesses and some experts like george washington university economics professor, stephen hamilton sait's likely congress will agaifind itself staring at a run dry. otection program >>there may still be a need for congress to to en up all businesses should have easier access to loans. this time >>the program'initial rollout was plagued by problems, including a lack of guidance fobanks issuing the loans but i thina lot of those kinks have been iron out. >>i expect the there that second round to go much more smoothly congress did close several loopholes in the new funding